arthor

joined 10 months ago
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People that run their own e-commerce stores and are turning a healthy profit - If you were to start again from scratch, what would your lessons learned be? in c/entrepreneur@indiehackers.space
[โ€“] arthor@alien.top 1 points 9 months ago

i did start again, after starting a 8 figure brand learned a lot about what not to do.. my criteria for a new product:

  • extremely low cogs
  • extremely high margin and perceived value
  • extremely light product
  • extremely small
  • can be made relatively fast <4 weeks
  • no returns needed, i.e. not fitting/wearing
  • <$50 each
  • no multi sku/size etc
  • does not expire

extra criteria if i were to start again again:

  • all of the above (obvs)
  • female focused product
  • something people use everyday
How do founders who faced failure, and had to close their startup due to financial constraints, manage to cover their living expenses? in c/entrepreneur@indiehackers.space
[โ€“] arthor@alien.top 1 points 10 months ago

Cash off table equity - Investors bought out a big chunk of the business, the founder is now a millionaire, win or lose.

It's not their money - e.g for example billionaire Chip Wilson and his kids, nephews, relatives, etc have all tried (and mostly failed) at several new businesses with his money.

Living with debt - People take 1/4m loans to go to school, for a prospective future. No difference doing this with a business.

Saving up - Some people save up their own capital to launch a business, and run it until this money dries up. Give themselves a bit of runway to find a job or pivot if their business fails.

Having a support partner - Spouse brings in an income to support their lives, whether their business succeeds or not.

Generally speaking, if you aren't coming from infinite wealth, trying to live below your means is ideal. Makes failing hurt less, makes winning more rewarding.